26
2011
EUR/USD succeding at failing
An article by 
Well today we had some partial details come out of the EU summit which didn’t explain much more than what we already knew. The news was decent enough to get a small push north close to the 1.40 level, but not enough to break it.
Bank recapitalization: as had been expected the get around 100 to 110 billion euros.
European Financial Stability Facility (EFSF) leverage: the fund should reach around 1 trillion, which has been highly discussed before so doesn’t come as a surprise. I had hope for a higher number around 2 trillion to give me some more confidence of a solid plan to get rid of the debt.
Greek debt haircut: politicians talking to bankers about reducing debt across the board, not sure how successful this will be, but I will give them the benefit of a doubt.
The week is almost over so I am expecting next week to be full of news again. See everyone for the London open.
Gus FX
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